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Lease Arrangements (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Lease Income for Residential and Commercial Property Leases

For the three months ended March 31, 2025 and 2024, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):

		Three Months Ended March 31,
		2025				2024
Fixed lease income		$	46,256			$	45,933
Variable lease income			4,650				4,199
Total lease income		$	50,906			$	50,132

Schedule of Minimum Lease Payments from our Office Space Sublease and Commercial Space Leases, Excluding Extension Options

Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of March 31, 2025, are as follows (in thousands):

	Corporate Office Sublease				Commercial Leases
Remainder of 2025	$	1,069			$	1,939
2026		1,433				2,523
2027		1,443				2,342
2028		1,453				2,259
2029		630				2,315
Thereafter		—				18,026
Total	$	6,028			$	29,404

Schedule of Lease Costs, Net of Capitalized Lease Costs

See the table below for lease costs, net of capitalized finance lease costs, for the three months ended March 31, 2025 and 2024 (in thousands):

		Three Months Ended March 31,
		2025				2024
Operating lease costs		$	438			$	380
Finance lease costs:
Amortization of right-of-use assets, net of capitalized amounts			322				181
Interest on lease liabilities, net of capitalized amounts			1,852				1,057
Total lease costs, net of capitalized amounts		$	2,612			$	1,618

Schedule of Weighted Average Remaining Terms and Discount Rates

The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of March 31, 2025, and December 31, 2024:

	March 31, 2025				December 31, 2024
Weighted average remaining lease term (years):
Operating leases		4.0				4.3
Finance leases		92.2				92.5
Weighted-average discount rate:
Operating leases		3.4	%			3.5	%
Finance leases		6.1	%			6.1	%

Our finance lease at Oak Shore provides Aimco with the option to terminate the lease after the property reaches stabilization, subject to certain conditions. The lease term includes the periods covered by this option. Additionally, the lease provides the lessor at Oak Shore with a residual value guarantee of $6.1 million, which provides that if the residual value of the leased asset is less than the specified residual value guarantee at the earlier of lease expiration or termination, we are required to pay the difference.

Minimum Annual Lease Payments Under Operating, Financing Leases

Combined annual future minimum lease payments under our operating and finance leases are as follows as of March 31, 2025 (in thousands):

	Operating Leases				Finance Leases
Remainder of 2025	$	1,541			$	3,328
2026		2,466				4,954
2027		2,380				5,483
2028		2,181				5,596
2029		843				5,708
Thereafter		—				1,421,989
Total		9,411				1,447,058
Less: Discount		(639	)			(1,324,176	)
Total lease liabilities	$	8,772			$	122,882

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479773/842-30-50-5

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